Officials of the Corpus Christi Independent School District told trustees last week that projects financed with $192 million of general obligation bonds approved by voters in 2008 so far are costing about $20 million less than expected.
Superintendent Scott Elliff said the South Texas district had expected to spend $95.8 million in the first two years of the capital program, but actually spent only $75.8 million on projects in 2009 and 2010.
“I think that’s a good spot for us to be in,” Elliff said during a report on the bond program.
Projects financed by the 2008 bonds include two elementary schools and installation of artificial turf at the district’s football stadium.
The projects are to be completed by 2012.
The district, which has about 37,000 students, is asking voters to approve another $120 million of GO bonds in November to build a new high school and middle school.
The district’s $214 million of outstanding GO debt has underlying ratings of AA from Standard & Poor’s, AA-plus from Fitch Ratings, and Aa3 from Moody’s Investors Service.
